German REIT Alstria Office has raised €193 mln from a capital increase aimed at financing further growth and to acquire two office properties in Hamburg and Stuttgart.
The company placed over 15 million shares with institutional investors in an accelerated bookbuilding process, pricing the shares at €12.60, or a discount of 2.0% to the closing price on 29 January 2018.
The net proceeds from the issue will be used to finance further growth, including the acquisition of two properties in Hamburg and Stuttgart that have already been secured, the company said in a statement.
Remaining funds will be used for further acquisitions or repayment of debt including a potential cash settlement of the convertible bond, it added.
'The market continues to offer a number of attractive acquisition opportunities and alstria is in an excellent position to seize them for the benefit of its shareholders,' said CEO Olivier Elamine.
Morgan Stanley and UBS Limited acted as joint bookrunners for the placement. Kempen acted as co-lead manager.
